Can We Say – Las Vegas Luxury Market – Again?
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The Luxury Market Marching Continues to Soar!
Market Overview of October Results
2020 residential closings have brought year to date performance to within 5.6% of 2019 as October added to the previous month’s strong performance. Meanwhile, SFR inventory dipped slightly to 1.5 months overall due primarily to a lackluster listing month even as demand remained high. This translates to less than one month of marketable inventory due to Over Pricing.
Some of the older inventory may have sold as a direct result of prices finally catching up with listing prices. The average sales prices of an SFR increased 1.7% in October.
Fun Stats for October:
- Another 95 Luxury Market Closings to add to the 96 closings in September.
- SFR closings that had more the 120 Days on Market (DOM) – 198
- 64 of those closings were priced at $300,000 or less
- 15 SFR closings had DOMs over one year.
- SFR closings with the longest continuous listing: 833 DOM from List to Closing.
- My favorite long listing: 458 DOM List to Close. Originally Listed at $390,00, Closed at $370,000, Remarks include “a true turn-key!” Was the key misplaced for 457 days?
- Longest currently active listing on the market – 2,046 DOM! Was listed on April Fool’s Day 2015.
Market Snapshot
There were 4,649 residential listings taken in October – down another 398 units from September. The 4,886 available SFR listings at this time is 411 homes less than last month, while the 5,728 Pended listings reflects a1.4% increase in open escrows. However, the 3,966 residential closings in October represents a 0.9% dip from previous months closings. Keep up the Open Houses! Use Best Practices and Be Safe!
The median closed sales price of an SFR improved slightly from $337,250 to $341,000 for a 1.1% increase. Similarly, the average closed sales price of an SFR went from $407,934 to $414,958 for another 1.7% bump up.
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